Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bulls failed to keep the prices rising on the first day of 2023 as most of the top 10 coins are in the red zone.
BTC/USD
The rate of Bitcoin (BTC) has almost not changed since yesterday.
On the hourly chart, one should point out the local support level at $16,501. At the moment, the price is trying to fix above the resistance at $16,546.
Denys SerhiichukIf buyers can hold the gained initiative, the growth may continue to the $16,600 zone tomorrow.
On the bigger time frame, the situation is less positive as the price remains near the support level of $16,465. If growth does not happen soon, the next approach to the aforementioned mark may be a prerequisite for a breakout. In this case, there is a high possibility to see a test of the $16,200 area.
On the weekly time frame, the candle is about to close bearish. The price is far away from the key levels, however. Currently, the important zone is $16,000, a breakout of which may lead to a test of the support at $15,632.
Bitcoin is trading at $16,543 at press time.
Godfrey Benjamin
Vladislav Sopov
Dan Burgin